Hello everyone I discovered Fx about two months ago , I actually had planned to take the warrior trading course for day trading stock , but realized that I would not be able to day trade working Tues to Friday 10 hrs a day , thats when i came across Forex, and of course right away I was drawn in by all these youtube videos with people talking about turning $ 50 to 30 k in two months . I recently got back paid about 14k and having had around that amount in the past realized how quickly one could blow throw a few thousands dollars on nonsense, so this time around i would like to use this unexpected money to begin my forex trading journey .
I am trying to find a good mentor/ edu course , investopedia recommended the Winners Edge as did another site named Forex peace army, they also recommended babypips for a free educational resource.
Anyways my question is would the winners edge strike 3.0 trading system be a benefit or is it just another money grab that i should avoid ? I couldn’t find many reviews on the winners edge but figured if Investopedia is endorsing them they must be a good choice.
Also if you would like to recommend any other reputable educators Im open to all suggestions.
Highly recommend taking the BP course, investing in your own education, following other people’s system can be profitable but there are a lot of scammers out there that take advantage of the whole “get rich quick” scheme.
Forex and trading seems more accessible, but like any other profession, needs time and practice.
Don’t depend on others trading system, it can make you profitable for sometimes but not for all time. if you need a mentor please take this Forum community in particularly preschool level.
Don’t pay money for any system. They will all potentially make a profit but the basic ways to make money are free. Pick up some education as to how forex works, rather than training in a specific strategy.
Pick an easy one that suits your life-style and makes some rational sense. Run it for a hundred trades with tiny capital risk only on each. Log everything. By the 100th trade you will know why the system works, how it works and what it can’t do and why. Then pick a better one or modify this one: either way you’ll know what you need. But this is where you need to plan really well before you put significant money in.
Throughout, watch as many other people’s trades as you can find.
Then run another 100 tiny trades to test your Mark II system. Hopefully you’re now on the way.
Wara FPA recommended the winners Edge along with investopedia I was just wondering if that would be a good starting ground. I have been taking the baby pips course and im up to grade 1 yay! I wish I had more time to devote but as a single father with joint custody of a 5 and 6 year old and working 4x10 hr days I don’t always have time. But I’m trying to put in atleast a half hr a night and as many hrs as I can on Mondays. I live in Toronto I will not be able to trade the new York market or London, so that leaves me with Sydney and Tokyo, except for Sundays and Mondays. Im leaning towards wanting to do shorter time frames day trading and scalping. I am not greedy or need to be rich over night, I would be happy to grow my 10 k account by 10 pips a day and would be disciplined enough to stop when I hit my goals or walk away on a bad day. I already have a decent job that provides for me and my family, but I do work an extremely physical job that I would rather not have to do in my 40s and 50s if that is possible.
Thanks for all the advice and kind suggestions friends.
Very good decision for taking educational course first. Because most of the people who wanted to do forex start their trading career without any educational support. As a result they won’t be able to get forex success. But I think instead of instead of warrior trading course you should take some other trading course. Because FPA is good for broker review but not more than that. By learning and practicing more in demo session you will understand what will exactly right for you. Don’t depend on others system.
Completing the Babypips course will be a good starting ground.
After that, Investopedia will help. Winners Edge possibly but less so.
First point: those are the markets that are hopeless for forex scalping.
Second point: scalping and retail forex trading are mutually exclusive anyway, for several reasons, but the main one is that the person you think of as your “broker” (and the Babypips course unfortunately refers to that way) is actually your counterparty and would be the party being scalped. Nobody minds you scalping the market, but with a retail forex broker you’re not in “the market”: you’re only in “their market”. Which is why it doesn’t work. (But at your times of day, forget it anyway, even with a genuine broker, if you have that kind of capital.)
Thanks for the advice and knowledge ethan and Lucas, that’s to bad to hear in regards to scalping on those time frames. Also Lucas I thought scalping is no issue with an ECN broker? Thanks I’ve been studying baby pips, and I’ve also paid for a course that cost me $497 USD so about 650 cad. It’s decent material from what I see, but for a total beginner I think some of the explanations lack depth, which has been a bit of a let down, I fully thought paying for a course would have walked me through the very basics to the most advanced topics step by step. However as I said some of the explanations are vague and lack depth. I jumped the gun and did not do proper research before paying for something that here at baby pips I seem to be getting for free.
Hello dear, it’s only 2months! So, I think Babypips School is the best way to start with! I have no idea about the paid services but I much say, BabyPips School is one of the best places to learn Forex trading with the details.
Since, you are a new trader please don’t play with your real money! Just focus on your learning process, not on your result! I think, Forex Forums are much workable than paid courses, so be active on forum with your questions and problems!
Unfortunately many people believe that. (It’s usually because they don’t understand how the retail forex market works and have a deeply mistaken impression of what “ECN” really means.)
ok fair enough falstaff, I did jump the gun , i wont lie i got drawn in by the crazy flashy youtube videos , and was drawn to the 24/5 market , which i did not have when i was considering day trading stocks.
So are you telling me to stop spending money and forget Forex or what exactly are you suggesting I stop doing ?
Sorry if I was unclear. The fact is that the Canadian Govt have severely restricted your options regarding trading as far as opportunity goes. The thread I linked to goes into some detail, but as I am uk and not affected, I don’t know the facts in any great measure.
You have started as a good many do, full of optimism and enthusiasm, but as I understand it, they have restricted what brokers you can use and what leverage you can employ very severely. So much so that my brief glance at the thread I posted the link to make it practically impossible for Canadian residents to join in the “fun” - basically their reasoning is that they don’t want you to lose all your money too quickly.
By all means, do your learning and learn how to trade, but most importantly, find out what you are allowed to do and what the “Leverage” rules mean in terms of whether it is worth your while to make the effort whilst living in Canada.
Sorry to be vague, but all I know is contained in the thread I showed and I didn’t want you to spend a lot of money on “Courses” and the like which could potentially be a complete waste of time for you.
I don’t know whether there is anything you can do about the regulations or not, that is why I suggest you make the effort to learn about brokerage accounts you can access and as I said, whether it is worth your time and money to try to trade at all from Canada.
Sorry if I am the bearer of bad news, and I sincerely hope it IS worth your time, but I don’t know.
Hey thanks I did read the thread, and I’ve tried to find more info on google but only found pieces of the article you showed me. Fx brokers in Canada still seem to be showing leverage rates of up to 400 to 1, man all this stuff is so confusing for someone just trying to start out.
I do have a demo account with fxcm and a Rep called me and he told me how do to regulations in Canada I would need to start with at least a $5000 balance, but I was driving at the time and couldn’t talk in further detail
Actually some paid courses are really supportive to ensure advance level trading technique but beginners cannot learn from here anything. The knowledge they need to know for surviving as a newcomer is much available in Forums communities. That’s why they should not focus on any paid course.
Not agree 100%. So many experience and professional traders are available who can learn you Forex accurately but their demands too much high to admit especially for the beginners. But I agree with your point first of all we have to learn Fx by owns effort. Otherwise the better result will not come at all in spite of having experience guide.
If any newcomers focus on preschool level with demo or micro account practicing. I think it would be better than having a paid Forex Mentor. Please don’t take it personally. Its according
man all this stuff is so confusing for someone just trying to start out.